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SAN DIEGO — After much debate and years of planning, San Diego City Councilmembers will consider next week the city’s pending sale of 132 acres of land to San Diego State University for its proposed Mission Valley Stadium site.

The meeting is scheduled to take place at 10 a.m. on May 29, City Council President Georgette Gomez said in a statement Thursday. Under terms of the draft agreement, the university would acquire the site for about $86.2 million. University officials have said SDSU will redevelop SDCCU Stadium into a 35,000-seat facility to be primarily used by the football program.

Plans also call for the development of a satellite campus as well as a park along the San Diego River, commercial and residential units and a bridge extending Fenton Parkway over the river.

Gomez, who touts herself as an SDSU graduate, said she’s “elated” to help the university “expand its institutional footprint, enhance its educational prestige, increase our supply of workforce and student housing, and create a River Park for all San Diegans.”

San Diego Mayor Kevin Faulconer added that “it’s time for the Mission Valley stadium site to start its next chapter.”

“The City and San Diego State University have devoted considerable attention to this, and it’s time to get this deal done and get it done right,” Faulconer said.

The meeting will be streamed online on the city’s website.